A one-year extension of the employee-side payroll tax cut was passed in December of 2011. It's scheduled to lapse along with the other fiscal cliff policies in 2012. This is a particularly popular tax cut because it goes by and large...
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Well lets see, we spend 1.2 trillion more than we take in. Lets say they cut 50 million people off food stamp, do away with education spending, do away with studen loans,get rid of insurance for children, do away with the EPA, Commerce Dept, Department of Energy and HUD, people would have an absolute fit. After all of that the deficit would not be gone. All these programs have a bunch of people who wanted congress to do these things. We need growth but we have a president who has passed all kinds of regs that get in the way of business and increasing jobs. He also wants to raise taxes on the rich. The extra money would only run the government for six days and will interfere with job growth.
The coming fiscal cliff's mix of tax hikes and spending cuts are projected to seriously hamper economic growth over the next two years, and Congressional leaders would be wise to negotiate fixes for the problems. One of the more popular potential fixes, however, is only going to hasten the coming entitlement crisis by worsening the finances of Social Security.
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